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QIC gets prized role in $3b 'city-shaping' redevelopment of Cross River Rail sites

Business

Queensland Investment Corporation has been handed the rights for the above-ground redevelopment of Brisbane’s four Cross River Rail stations in a deal expected to unlock projects worth an estimated $3 billion.

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The decision comes just days after the appointment of a new QIC chief executive, Kylie Rampa, with the promise that she would play a key role in the city’s development in the run up to the 2032 Olympics.

Rampa’s current role is the group head of investments with developer Lendlease.

And QIC has promised that the precincts would be significant hubs that would be “city-shaping, transformational developments’’.

It said the vision was to deliver vibrant, personalised and connected spaces – designed for the people of Brisbane.

QIC said the State Government had formalised the agreement for it to deliver real estate solutions for four stations: Boggo Road, Woolloongabba, Albert St and Roma St.

The development rights will be held by Queensland Future Fund which QIC manages.

It said the Woolloongabba and Roma Street sites had already been earmarked for Olympics focused development in alignment with delivering an enduring legacy for Brisbane.

Demolition work has already started at Roma St which is expected to be an aquatic centre for the Olympics as well as the site for basketball. It has also been proposed as the site for an 18,000 seat entertainment venue known as Brisbane Live.

The Gabba will become the main Olympic stadium and its redevelopment is anticipated to cost about $1 billion, so the nearby rail station site is expected to be a key development.

The two other stations were Albert St, in the CBD and Boggo Road.

QIC said it would spend the next three years masterplanning the precincts while the rail lines continue to be constructed.

Priority Development Areas have been declared at each of the new stations, with development lots to be created throughout 2023 and 2024 as construction of the tunnel, rail and station infrastructure concludes. 

CBRE has previously said that much of the capital investment for the Olympics would occur in the second half of this decade, averaging $800 million to $1.1 billion a  year between 2027 and 2030.

A KPMG report, commissioned by the State Government, claimed the Olympics would deliver a total benefit of $8.1 billion for Queensland and $17.61 billion for Australia.

QIC Global Real Estate managing director Michael O’Brien said the investment manager was proud to take on the role of precinct developer.

 “This is an unprecedented opportunity for QIC to work with the Queensland Government, Cross River Rail Development Authority and Economic Development Queensland (EDQ) to refine the master plans for the above ground sites with the goal of providing Brisbane with connected city-shaping lifestyle, residential and commercial precincts,” O’Brien said.

The Cross River Rail Delivery Authority (CRRDA) will continue to be responsible for the completion of these underground tunnels, stations and rail works.  QIC will continue to work with CRRDA and Economic Development Queensland in developing these assets.

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